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Search Results for "insolvency proceeding"

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Supreme Court

Supreme Court Allows Insolvency Proceedings Under IBC Over Defunct Scheme of Arrangement -- IBC Prevails Over Companies Act in Recovery of Defaulted Loans

24 Feb 2026

The Supreme Court allowed an appeal against the Company Law Appellate Tribunal's order that kept in abeyance an application under Section 7 of the Ins...

Supreme Court

Supreme Court Allows Promoter's Resolution Plan in IBC Case, Upholds CoC Approval Despite Pending Third-Party Applications. The Court held that the Resolution Professional's Letter of Intent was not conditional and that the Adjudicating Authority's approval of the plan was valid under Section 31 of the Insolvency and Bankruptcy Code, 2016.

1 Jan 2026

The present appeals arise from a Corporate Insolvency Resolution Process (CIRP) concerning M/s. Oracle Home Textiles Limited, initiated on 9th August ...

Tribunals

NCLAT Dismisses Appeal Against NCLT Order Closing Section 9 Application After Full Payment of Principal Amount. Consent Terms Not Adhered to Does Not Revive Insolvency Petition When Entire Principal and Substantial Interest Paid.

21 Mar 2025

The appeal was filed by United Futuristic Trade Impex Pvt. Ltd. (the Operational Creditor) against an order dated 22.01.2025 passed by the NCLT, Jaipu...

Supreme Court

Supreme Court Allows Appeal in NI Act Case Due to Moratorium Under IBC — Cause of Action Arose After Insolvency Commencement. Director of Corporate Debtor Cannot Be Prosecuted Under Section 138 NI Act When Cause of Action Arose After Moratorium Under Section 14 IBC.

17 Mar 2025

The Supreme Court allowed the appeal filed by a director of a corporate debtor against the order of the Punjab and Haryana High Court dismissing his p...

Supreme Court

Supreme Court Dismisses Appeal by Suspended Director in IBC Section 7 Admission Case — Balance Sheet Entries Constitute Valid Acknowledgement of Debt Under Section 18 of Limitation Act, 1963. The Court held that entries in the balance sheet of a corporate debtor, even without naming the specific creditor, amount to an acknowledgement of debt extending limitation under Section 18 of the Limitation Act, 1963, read with Section 238A of the Insolvency and Bankruptcy Code, 2016.

18 Oct 2024

The appeal arose from the admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) by the National Company Law Tribun...

Tribunals

NCLAT Dismisses Appeal of Operational Creditor in IBC Section 9 Case — Pre-Existing Dispute Regarding Quality of Services Bars CIRP Initiation. The dispute regarding quality of transportation services raised by the Corporate Debtor prior to the demand notice constitutes a pre-existing dispute under Section 9 of the Insolvency and Bankruptcy Code, 2016, and the Adjudicating Authority correctly dismissed the application.

4 Sep 2024

The appeal was filed by Union Roadways Limited (Operational Creditor) against Ice Steel 1 Private Limited (Corporate Debtor) under Section 61 of the I...

High Court

Bombay High Court Rules in Admiralty Jurisdiction Case: Cockette Marine Oil vs. OSV Beas Dolphin. Court Rejects Summary Judgment Amidst Insolvency Proceedings, Highlights Impact of IBC Moratorium on Maritime Claims.

23 Aug 2024

The Bombay High Court, under the Admiralty jurisdiction, considered an application for summary judgment filed by Cockette Marine Oil DMCC against OSV ...

Tribunals

NCLAT Allows Personal Guarantors' Appeals Against NCLT Order Dismissing Recall Applications in Section 95 IBC Insolvency Proceedings. The admission orders were passed without hearing the guarantors, violating natural justice, and the matters were remanded for fresh consideration.

19 Jul 2024

The case involves five appeals filed by personal guarantors (Tummala Sri Ganesh, Tummala Yugandhar, and others) against an order dated 19.07.2024 pass...

Supreme Court

Supreme Court Sets Aside NCLAT Order in Insolvency Appeal Due to Lack of Reasonable Opportunity of Hearing. The Court held that the appellant was deprived of a hearing as notice was undelivered and the order was passed in its absence after remand, restoring the matter to the Appellate Tribunal for fresh decision on merits under Section 9 of the Insolvency and Bankruptcy Code, 2016.

28 Mar 2022

The Supreme Court addressed an appeal concerning an order passed by the National Company Law Appellate Tribunal in an insolvency matter. The dispute o...

High Court

Bombay High Court Quashes Process Under Section 127 of Companies Act for Non-Payment of Dividend Due to Pending Dispute Between Shareholder Groups. The court held that the defence under section 127(c) of the Companies Act, 2013, which allows non-payment if there is a dispute regarding the right to receive the dividend, must be considered before issuing process.

22 Apr 2019

The case involves three criminal applications filed by the directors of Man Industries (India) Limited (MIIL) seeking quashing of notices and process ...

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